EFES NEWSLETTER - APRIL 2008
23 May 2008 – Seventh European Meeting of Employee Ownership
The Seventh European Meeting of Employee Ownership will
be held in the prestigious Solvay Library, just near the
European Parliament. Programme and practical information
are now available. Get
all information here
Annual Economic Survey of Employee Ownership in the European
Employee ownership is developing faster and stronger across
Europe than anyone could expect. This is the main conclusion
of the first "Annual Economic Survey of Employee Ownership
in the European Countries" which will be made public
during the Seventh European Meeting of Employee Ownership.
It is a quick and recent new development in most European
countries. However, some countries began earlier while others
dawdled on the way. They can easily be compared to each
others. Each country file can be downloaded and the full
Annual Survey can now be subscribed. More
new information about employee ownership in March 2008,
with 1.307 articles in this press review (on which 544 involving
stock options and 177 about workers' cooperatives).
We made a selection of 68 remarkable articles in 16
countries: Arab Emirates, Austria, Canada, Germany, France,
Ireland, India, Italy, Jordan, Malaysia, Poland, Senegal,
Trinidad & Tobago, UK, USA, South Africa.
Arab Emirates and Jordan: An information campaign
was organised about ESOPs and their benefits. The lack of
Employee Stock Ownership Plans seems detrimental for the
Arab states of the Gulf Cooperative Countries.
Vice-Chancellor Molterer points out employee ownership as
one of his 10-points-programme for enterprise policy. Erste
Bank and Oberbank are both launching new employee share
Workers-Shareholders Cooperatives seems a good solution
for business transmission.
Germany: A compromise seems imminent between Angela
Merkel (CDU) and Kurt Beck (President of the SPD) about
employee ownership. The Spiegel describes Beck's model of
employee ownership in Rheinland-Pfalz as a flop.
Still many discussions about the recent decision to make
employee savings freely available to boost consumption.
Is Mr Sarkozy going to put employee savings to its end?
A difficult situation to face for non-listed companies.
On the other hand, it is still pleaded for "stock options
for all", while much large French companies as Schneider
launch new employee share plans. Employee ownership and
corporate governance: employee shareholders will be represented
in Société Générale's Board of Directors and an new agreement
was found for Saint-Gobain.
Things seems not simplifying for Babcock and the Employee
Share Ownership Trust in Eircom.
India, Malaysia, Senegal: Stock options plans.
& Tobago: Steel workers protest about the Employee
Share Ownership Plan which ArcelorMittal promised.
The New York Times notes that "Europe takes a closer
look at employee stock ownership". However employee
ownership has its drawbacks! Wall Street employee owners
shudder as Bear Stearns implodes, and the National Center
for Employee Ownership places the fate of employee-owners
at Bear Stearns in context. On the other hand, employees
could take over plants from General Electric and from Ford.
Employee ownership plans are increasingly common.
The press review is available
This is how much an employee held in 2006, in average, in
UBS 87.000 €
Total 47.000 €
Novartis 48.000 €
Mondragon 54.000 €
DeutscheBank 61.000 €
SocGen 38.000 €
BNPParibas 30.000 €
CréditAgricole 48.000 €
AXA 27.000 €
Bouygues 23.000 €
new on EFES website?
NEWS distribution: 85.000